Trends indicate that medical tourism will also bolster the demand for sophisticated devices and emerge as an important source of revenue for the Indian medical industry
As the GDP per capita increases, India’s affluent market will drive demand for best-in line drug delivery devices and reward innovations in the years to come, says GlobalData.
According to the company’s latest report, ‘India Drug Delivery Devices Market Outlook to 2023, – Central Venous Catheters, Infusion Systems, Needle Free Injections and Metered Dose Inhaler Devices,’ the market, which was worth $411 million in 2016, is on course to touch $510 million by 2023, clocking a CAGR of 3.1 per cent from 2016 to 2023.
Trends indicate that medical tourism will also bolster the demand for sophisticated devices and emerge as an important source of revenue for the Indian medical industry. Relatively affluent patients from more developed countries are opting India to get a standard of care at a fraction of the cost compared to their home country. As healthcare prices in the developed world continue to increase, so too will the interest in medical tourism in India.
Even as the demand for sophisticated products is set to grow, Indian government is ready and willing to take strong measures to control the prices of devices. This calls for devices sold within its borders to be effective as well as cost efficient.
Aging population, prevalence of chronic diseases, increasing health awareness are among the other key factors driving this market. According to GlobalData, the country’s aging population will take care of volume growth in future, if not necessarily the quality of products. Currently, 1.9 per cent of the population of India is 75 or above.
James Spencer, Medical Devices Analyst, GlobalData, says, “India is the ‘diabetes capital’ of the world, and the number of people suffering from diabetes is only expected to increase. As more knowledge and awareness is spread about diabetes, the demand for insulin delivery systems will only grow as time progresses.”
Interestingly, the overall drug delivery devices space is almost swept by overseas players, with only one domestic firm figuring in the top 10 list.